Question about a Will...

edited 20 December 2010 at 3:20PM in Pensions, Annuities & Retirement Planning
9 replies 1.5K views
sho_me_da_moneysho_me_da_money Forumite
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Delete thread please.

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  • yelfyelf Forumite
    845 Posts
    1) your Dad owns the named address property: the trustees own everything else for the aunty.
    2) the trustees are the only ones who can sell anything at it has to be for your auntys benefit
    3) - he only owns said property - not the estate.
    4) your brother
    5) that depends on the family set up: it will be dealt with by laws of intestacy - so depends if he has a wife.
    6) As before - the addressed property is delat with differently to everything else,. so basically no, your dad has no say over anything esle unless he wants to contest the will - and i doubt that will be any use.

    Thats my take on it
  • getmore4lessgetmore4less Forumite
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    THis is my take.

    Estate is all the assets, house is just the house,

    Your dad got the house, it is his and only his.

    The rest goes to the aunt held in a discretionary trust, which I think gets passed on once the trustees are happy that all the bills are paid.

    any IHT comes from the aunts bit and not the house,

    House contents I think go to the aunt but not 100% on that.

    Who are the executors? if professionals then their fees come from the aunts bit as well unless that runs out.


    Next your dad owns the house and can do what he likes if he dies without a will then this will form part of his estae and get passed on by intestesy rules which are fairly easy to follow(Scoland has different rules to england and wales).

    If there is a will it's what's in that unless there are valid reasons to object mainly dependants not getting anything to support them.
  • yelfyelf Forumite
    845 Posts
    Hello friend,

    Just a tad bit confused on some of your replies:

    1. This makes sense.
    2. Does this mean, my dad cannot sell the house ever? Please can you elaborate on this?
    3. I don't understand this part. I thought estate/property meant the same thing. Please can you elaborate on this?
    4. This makes sense.
    5. This makes sense.
    6. I understand he has no say over anything else (such as money, gold, etc etc) but what about the house - does he have the right to sell, rent for his own benefit?

    Thank you brother.

    2. your dad can do whatever he wants with the house
    3. the estate is everything your gran owned including the hosue. BUT the will states that the estate MINUS the house goes to your aunty.
    6. yes the house is fully his.
  • weldawelda Forumite
    600 Posts
    As:) per Yelfs reply, post #5 answer 3. House only to your father, all removable estate to aunt.
  • weldawelda Forumite
    600 Posts
    Lot clearer when viewed in red. As it comes under section 1 B, then funds should go to your father, he will have to clarify policy number matches same as one contained within the will.

    I would recommend your father to seek legal advice urgently!!!!
  • getmore4lessgetmore4less Forumite
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    Time for some legal advise if you don't want to do this yourself.

    Find out what the policy was worth it might not be enough to make it worth while.

    Actualy as a benificiary he probably should have been given a closing statement of the estate.
  • nohnoh Forumite
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    If the life insurance was written in trust it does not form part of the estate.
    Therefore your gran could not dictate who the proceeds go to.
  • MikeyorksMikeyorks Forumite
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    I will call the company on Tuesday and find out how much it was worth.
    .

    Highly unlikely they will discuss it with you. The Executor is responsible for the estate - of which this forms a part - that's where the question should go.

    Bear in mind that a lot of old Life Insurance policies were of relatively low value.
    If you want to test the depth of the water .........don't use both feet !
  • jamesdjamesd Forumite
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    You should also ask who the insurance policy said it should pay out to. It's common for insurance policies to have named beneficiaries and they are usually arranged so that the trustees at the insurance company don't have to follow instructions in a will, because a policy written in trust this way isn't actually part of the estate. They usually would, but it's worth checking.
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